Naira Redesign: Court Stops Buhari, CBN From Moving Deadline

A High Court of the Federal Capital Territory (FCT) Abuja has restrained the Federal Government and 27 listed commercial banks from suspending, stopping, extending or interfering with the currency redesign deadline of February 10 or issue any directive contrary to the date.

Justice Eleoje Enenche also restrained the President of the Federal Republic of Nigeria, Muhammadu Buhari, the Central Bank of Nigeria and the Governor of CBN, Godwin Emefiele from taking actions to affect the deadline.

In a motion exparte filed by five of the 18 political parties, Justice Enenche also granted an order directing the CEO’s of the banks and their alter egos to show cause why they should not be arrested and prosecuted for the economic and financial sabotage of the country by their hoarding, withholding, not paying or disbursing the new N200, N500 and N1,000 bank notes despite supply of such notes by the CBN.

The order also ties the hands of bank CEO’s and their staff who have been alleged to be hoarding the new bank notes and trading with them thereby causing untold hardship to ordinary citizens.

In the 27 grounds by the applicants they made out a case showing that politicians who ostensibly were in possession of illicit funds were the ones who wanted the policies suspended.